Hyster-Yale: Lift Truck Market Growth Expected to Decelerate



Hyster-Yale Materials Handling (HYMH) said its lift truck business net income of $17.5 million and revenues of $621.1 million for Q1/15, compared with net income of $22.1 million and revenues of $676.0 million for Q1/14. Lift truck operating profit was $27.0 million for Q1/15 compared with $31.6 million for Q1/14.

HYMH said lift truck revenues decreased in the first quarter of 2015 compared with the first quarter of 2014 primarily due to unfavorable currency movements of $33.2 million mainly from the continued strengthening of the U.S. dollar against the euro, substantially fewer unit shipments in 2015 primarily due to the planned lower volumes in Brazil following the closure of the old plant and planned slow production ramp up at the new plant, and a slight shift in sales to lower-priced lift trucks in the Americas.

In Q1/15, HYMH worldwide new unit shipments decreased to 19,859 units from 20,641 units in Q1/14. Excluding Brazil, shipments were slightly higher than in Q1/14 as a result of higher shipments in North America and an increase in shipments of higher-priced lift trucks in Europe.

In its outlook, HYMH said although markets were generally stronger than expected in Q1/15, growth rates for the global lift truck market are expected to decelerate in the remainder of 2015, resulting in nominal growth compared with 2014. In 2015, modest growth is expected in the Western Europe and Middle East and Africa markets. The North America, Latin America, Asia-Pacific and China markets are expected to be relatively flat and declines are expected in the Brazil, Eastern Europe and Japanese markets.

The company said Q1/15 bookings were 23,700 units compared with approximately 21,300 units for Q1/14. Worldwide backlog was approximately 31,900 units at Q1/15-end compared with approximately 28,900 units at Q1/14-end and approximately 28,100 units at December 31, 2014.

To view the full Hyster-Yale news release. click here.


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